Do you struggle to maintain secure and positive connections with the businesses you work with? Take a look at these timeless tips for improving your B2B relationships to see where you could improve your offering.
Streamline payments
Organising quick and accurate payments is central to maintaining good relationships with other businesses. This demonstrates your integrity and professionalism and, when done consistently, builds up a bond of trust. It also ensures a healthy cash flow between you and your partners, so no one is left short.
Using digital software is a great way to ensure that payments are made and requested rapidly. The computer can process required information in moments, and set alerts or arrange automatic transactions for regular transactions. Running financial information through programmes can help to identify and minimise errors as well.
Digital solutions can also help you stay compliant with the complex legalities of business finance. For example, you can use tax e-invoicing software to calculate correct VAT charges for your clients and produce detailed reports and returns for HMRC.
Encourage feedback
Have you ever experienced a business breaking ties with you without warning? Chances are with regular communication you could have avoided this happening, or at least been prepared for it. Allowing suppliers to express concerns will make them feel valued and enable you to tackle any issues early to help ensure a swift solution everyone is happy with.
Schedule catch-up calls periodically and encourage feedback about your performance, both positive and negative. Listen actively and take note of their tone and any underlying meanings that might be lurking between the lines. Respond to concerns with a plan of action and a clear timeline, and confirm with the client that this resolves the issue.
Demonstrate value
Do you find it difficult to maintain your B2B relationships for long periods? This could be because you’re failing to demonstrate your value. If you don’t reinforce the benefits of working with your company, your clients will be tempted to switch to options which undercut you.
Remind your suppliers of the quality of your products and services, showcasing your USPs on your website and in regular marketing communications. Highlight any awards you’ve won and why they should trust you over other competitors.
Reward loyalty with extra benefits like special rates, priority delivery and exclusive access to certain goods and services. You should also look into ways to tailor your offering to each client, asking exactly what they want and need and delivering above and beyond expectations. Most companies will pay over the odds if they trust the business to uphold high standards in all areas.
